Empirical studies show that entry into markets increases both price and quantity of goods supplied.
Answer the following statement true (T) or false (F)
False
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According to these relationships, the efficient output level arises where
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. QE = 25 b. QE = 40 c. QE = 20 d. none of the above
Many business cycle theories are associated, by name, with individual economists who championed the ideas. For example, the housing cycle is also known as the
a. Schumpeter cycle b. Keynesian cycle c. Marxist cycle d. Kuznets cycle e. Jevons cycle
Which of the following demonstrates the law of supply?
a. When leather became more expensive, belt producers decreased their supply of belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.
The major determinant of an individual's income is
a. his personality-if the coworkers and the boss like him. b. if he earns a salary or if he is paid by the hour. c. how productive he is combined with demand for what he produces. d. whether or not his family is wealthy